About company:

Established in the 1930s as a trading business, Al-Futtaim Group today is one of the most diversified and progressive, privately held regional businesses headquartered in Dubai, United Arab Emirates. Structured into five operating divisions; automotive, financial services, real estate, retail and healthcare; employing more than 35,000 employees across more than 20 countries in the Middle East, Asia and Africa, Al-Futtaim Group partners with over 200 of the world's most admired and innovative brands. Al-Futtaim Group’s entrepreneurship and relentless customer focus enables the organization to continue to grow and expand; responding to the changing needs of our customers within the societies in which we operate. 

By upholding our values of respect, excellence, collaboration and integrity; Al-Futtaim Group continues to enrich the lives and aspirations of our customers each and every day

Job Description:

The Product Owner – Bancassurance will own and drive the end-to-end product lifecycle for Life and Non‑Life insurance products distributed through banking partners. This role sits at the intersection of insurance, banking, digital channels, and distribution, ensuring products are customer-centric, compliant, commercially viable, and easy to sell through bank channels.

The Product Owner will work closely with bank stakeholders, underwriting, actuarial, operations, IT, digital, and compliance teams to define product vision, shape roadmaps, and deliver differentiated Bancassurance propositions across physical, digital, and hybrid channels.

What you will do

1. Product Vision & Strategy (Bancassurance)

• Define and articulate the product vision and roadmap for Life and Non‑Life Bancassurance offerings.

• Align product strategy with bank partner priorities, insurer growth objectives, and customer needs.

• Identify opportunities for cross-sell, upsell, bundling, and lifecycle-based propositions.

• Continuously assess market trends, regulatory changes, and competitor offerings in the Bancassurance space.

2. Product Ownership & Delivery

• Act as the Product Owner within agile or hybrid delivery teams, owning epics, features, and product backlog.

• Translate business needs into clear user stories, acceptance criteria, and prioritization decisions.

• Balance speed-to-market with risk, compliance, operational readiness, and quality.

• Own product releases end-to-end, from concept to launch and post-launch optimization.

3. Bank Partner & Stakeholder Management

• Serve as the primary product interface between the insurer and bank distribution teams.

• Work closely with bank sales, product, digital, and operations teams to ensure alignment.

• Incorporate bank feedback into product enhancements and roadmap prioritization.

• Support co-creation initiatives with strategic bank partners.

4. Life & Non‑Life Product Design

• Own product design across:

  • Life: credit life, protection, term, savings-linked, and group products

  • Non‑Life: motor, health, travel, home, and simplified SME products

• Ensure products are:

  • Simple to explain and sell

  • Digitally enabled and process-light

  • Priced appropriately and actuarially sound

• Collaborate with underwriting and actuarial teams on coverage, pricing, and risk controls.

5. Digital & Journey Enablement

• Drive digital-first Bancassurance journeys across bank channels (branch, RM tools, online, mobile).

• Partner with digital and IT teams to ensure smooth integration with bank systems and platforms.

• Optimize onboarding, straight-through processing, policy issuance, renewals, and claims journeys.

• Leverage APIs and reusable services to reduce customization per bank.

6. Compliance, Controls & Governance

• Ensure products and journeys are fully compliant with local regulations and bancassurance guidelines.

• Work closely with legal, compliance, risk, and finance teams during product approvals.

• Maintain clear documentation, product governance, and audit readiness.

7. Performance & Continuous Improvement

• Track product performance using KPIs such as conversion, attach rate, persistency, claims ratio, and NPS.

• Use insights from data, customer feedback, and bank inputs to continuously improve products.

• Support sales enablement with product training, sales materials, and clear propositions.